FIRST MORTGAGE LOANS
Fixed Rate First Mortgage
The credit union has started a fixed rate home loan program. We are the originators of the loan and then PHH steps in and closes and funds the loan for us.
Features of this program are:
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Competitive Loan Rates
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Low Closing Costs
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Deposits for loan payments can be made at credit union
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Can be located anywhere in America
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Will loan on other than primary residence
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All contact will be made through the Credit Union
Contact the credit union for the current interest rates.
To complete a home loan application clink on the links below.
(Both forms need to be completed)
Uniform Residential Loan Application
Borrowers Signature Authorization
***Adjustable Rate First Mortgage Program has been put on hold***
FIRST MORTGAGE LOANS
Adjustable Rate First Mortgage
• Loan Facts:
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First Mortgage only.
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Loan rate will be 26 week Treasury Bill + 2.00% rounded to the nearest .025%. Applicant may lock in rate anytime from application date to closing date. Minimum rate will be 4.50% APR.
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Must have clear abstract or title insurance.
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Maximum repayment time -30 years.
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Limited to 80% of appraised value.
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No escrow account will be maintained by CECU.
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Homeowners Insurance in the amount of the loan will be required with CECU listed as Mortgagee. Proof of insurance will need to be provided at closing.
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Applicant is required to pay actual expenses of processing loan at time of closing (appraisal fee, residential credit report, flood determination, title insurance, recording fee, and misc. expenses.)
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Appraised valuation for rural property or acreage can include residence and acreage where residence is located. (Surveys will be required for land associated with the residence unless it can be clearly described by standard government descriptions).
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Loans made under this program will not be assumable.
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